Russia's Central Bank introduces restrictions on cash withdrawals
The Bank of Russia has decided to introduce temporary restrictions for operations with cash currency.
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Russia's Central Bank imposed a withdrawal limit of $10,000 in cash
The Bank of Russia has introduced temporary restrictions on operations involving cash currency.
Russia's Central Bank announced in a statement that although all customer funds in foreign currency accounts or deposits are saved and accounted for, clients can withdraw up to $10,000 in cash, and the rest of the funds in rubles at the market rate on the day of issue.
The restriction will be applied from March 9 to September 9, 2022. Within this period, foreign currencies will only be issued in US dollars, converting them at the market rate on the day of issue.
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According to the Central Bank, around 90% of foreign currency accounts in Russia's banks do not exceed $10,000 in amount. This means that 90% of foreign currency account holders will be able to fully receive their funds in cash.
